It is not uncommon data that cash makes the world go spherical, however have you ever ever questioned what Nigeria used as a method of commerce and alternate earlier than we had the naira in our wallets and even financial institution apps on our telephones?
As soon as upon a time, manilas, beads, salt, and cowries had been the key types of authorized tender throughout cultures. Earlier than the Central Financial institution of Nigeria (CBN) got here into the image, our ancestors had their very own artistic methods of placing worth on issues, and our journey from cowries to crisp polymer notes is sort of an attention-grabbing one.
Let’s make a journey again in time and hint the evolution of Nigerian foreign money from manilas to shillings, kilos to naira and with all the colorful twists alongside the way in which.
Cowries, Manilas, Beads & Salt
Lengthy earlier than colonial rule, Nigerian communities had their very own methods of commerce. For instance, within the north, gadgets like salt, kolanuts, and livestock weren’t simply consumed, they had been additionally a type of foreign money.
Throughout the Yoruba and Igbo lands, cowrie shells and beads had been much more widespread. Imported primarily from the Maldives, these small, shiny shells turned so widespread that they dominated commerce for hundreds of years.
Cowries weren’t solely a type of foreign money, however they had been additionally standing symbols. Having hundreds of them in your clay pot equals having a fats checking account at the moment. Apart from cowries, individuals additionally traded with manilas (bracelet-shaped bronze or copper objects), beads, and material.
Think about strolling into Balogun market at the moment and paying for Ankara with a string of beads or a few cowries.
Colonial Cash & Shillings
Within the late nineteenth century, issues took a flip when the British colonial authorities stepped in. In 1880, the colonial ordinance launched shillings and pence because the official foreign money in British West Africa.
The Financial institution of England managed the cash, and so they had been distributed by means of the Financial institution of British West Africa till 1912.
For the primary time, Nigerians had been coping with cash like one shilling, one penny, half-penny and even one-tenth of a penny. They changed the age-old cowries, and I wish to think about that they jingled in pockets, and so they should have been unusual.
Think about swapping your acquainted cowrie shells for heavy cash stamped with international faces.
From 1912 to 1959, the West African Foreign money Board (WACB) took over and issued the primary actual banknotes and cash for Nigeria, Ghana, Sierra Leone and The Gambia. The best word was only one pound, and the one-shilling coin was mentioned to be king amongst cash.
The Start Of Nigerian Foreign money
Nigeria took a daring step towards independence in 1959, when the Central Financial institution of Nigeria (CBN) issued its personal banknotes for the primary time. With this, we are able to say Nigeria received financial independence earlier than political independence.
Nonetheless, the notes had been later redesigned to replicate Nigeria’s new republican standing on 1st July 1962. The previous inscription “Federation of Nigeria” was modified to “Federal Republic of Nigeria”, an apparent mark of satisfaction and sovereignty.
One other redesign occurred in 1968, in the course of the civil battle, because of the misuse of banknotes in battle zones. By then, cash was now not only a technique of commerce however a method of energy and affluence.
Transition From Kilos To Naira
In January 1973, Nigeria made one of the essential foreign money shifts in its historical past. The nation ditched the British-style kilos, shillings, and pence and adopted the decimal system. £1 turned ₦1, which was equal to 10 shillings, and the naira was divided into 100 kobo.
The primary set of notes featured ₦10, ₦5, ₦1, and 50 kobo, whereas cash got here in 20k, 10k, 5k, 1k and even half kobo. The cash had the precise dimensions of 12 x 123 inches, and so they all carried the picture of the CBN’s former headquarters in Marina, Lagos.
Right here Is How The Hero Notes Got here By
By 1979, extra notes had been launched, that includes portraits of Nigerian heroes. To make it simpler to inform them aside, every denomination had its personal distinctive color. And on the again, it had engravings that celebrated elements of Nigerian tradition like artwork, farming, schooling, and unity.
As Nigeria’s financial system developed, increased denominations turned essential. Between 1999 and 2005, Nigeria noticed the beginning of ₦100, ₦200, ₦500, and ₦1000 notes. Then in 2007, the ₦20 was reissued on a polymer substrate, that’s, the graceful, plastic-like materials we nonetheless see at the moment.
By 2009, ₦50, ₦10, and ₦5 had been additionally switched to polymer, making our decrease denominations crisp and extra complicated to pretend, and the ₦2 coin was additionally launched.
In a while, commemorative notes additionally made their debut. ₦50 in 2010 to mark Nigeria’s fiftieth independence anniversary and ₦100 in 2014 to rejoice 100 years as a nation.
The latest change to the notes got here in November 2022, when the colors of the ₦1000, ₦500, and ₦200 notes had been modified. The transfer aimed to sort out hoarding, enhance the circulation of unpolluted notes, and combat counterfeiting.
Nevertheless it additionally brought on critical issues. Lengthy queues, money shortage, and loads of heated debates on the streets and on-line made it one of the dramatic moments in Nigeria’s foreign money historical past.
